Paris, Rome, Los Angeles and Budapest have submitted their bids to host the 2024 Olympic Games to the International Olympic Committee.

As part of the 'Olympic 2020 Agenda' bidding cities are encouraged to create projects which match their sports, economic, social and environmental long-term regional planning needs.

The use of existing facilities and venues, which meet local sustainability and legacy needs, are a key component of the bidding process.

IOC President Thomas Bach said he was eagerly anticipating a keenly fought contest between the four cities.

"Los Angeles, Rome, Budapest and Paris are all submitting projects fully in line with Olympic Agenda 2020," he said.

"It is impressive to see how they have incorporated the Olympic project into the long-term development plans of their city, region and country.

"Coming from different starting points, for all four there is a clear focus on sustainable development, legacy and in particular how the facilities are going to be used after the Olympic Games."

The first part of the process deals with global vision, Games concept and strategy. These will be studied by IOC working groups, who will deliver reports by June.

Phase two, which looks at governance, legal matters and venue funding, will be completed by October 7, with the final proposals on Games delivery, experience and venue legacy due on February 3, 2017.

The Paris bid, which is believed to have an infrastructure budget of $4.5 billion and operational costs of $4.8 billion, already has over 70 percent of its venues in place.

Bid co-chairman, Bernard Lapasset, says the French capital would be the ideal venue for the 2024 Games.

"Paris, as one of the world's most iconic and cosmopolitan cities, would provide a unique and stunning backdrop for the 2024 Olympic and Paralympic Games through its historic landmarks and breathtaking venues," he said.

Los Angeles, who previously hosted the Olympics in 1932 and 1984, plan to use the LA Coliseum, the Rose Bowl and the Staples Center if their bid is successful, while Rome's proposal also relies on using many of the city's main tourist attractions as venues.

Budapest has announced a $2.7 billion budget to build their entire infrastructure, which would be on both sides of the Danube River and utilize existing iconic locations.

Hungary's government would fund the construction of an Olympic Village that would later be converted into rented housing and sold to private owners.

The vote for host city will take place on September 13, 2017, in Lima, Peru.